Cameron Announces Additional $750 Mln Share Repurchase Authorization

(RTTNews) - Cameron International Corp. (CAM) said Tuesday that its Board of Directors has approved an increase in the company's share repurchase authorization by an additional $750 million.

Cameron also said it plans to add debt to its capital structure in the near term, while continuing to maintain a strong investment-grade profile and a balance sheet that provides the financial flexibility to pursue its strategic objectives.

Cameron entered the fourth quarter of 2013 with an outstanding authorization of $1.050 billion. During the fourth quarter, through December 10, the company purchased $756.4 million, or 13.7 million, of its shares.

Including the additional $750 million authorization announced today, the total remaining authorization as of December 10 is $1.044 billion.

The company said it will be disciplined and opportunistic with respect to its remaining authorization, but that it plans to aggressively repurchase shares if market conditions and other factors permit.